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Fundamentals of Corporate Finance, 3rd Edition presents finance in a cutting-edge interactive digital format designed to motivate students by taking the road blocks out of self-study and to facilitate mastery through drill-and-skill practice.

Available as a full colour printed textbook with an interactive eBook code, this title enables every student to master concepts and succeed in assessment. Lecturers are supported with an extensive, easy-to-use teaching and learning package.

 

Table of Content:

  1. Part 1 Introduction
  2. Chapter 1 The financial manager and the company
  3. Chapter preview
  4. 1.1 The role of the financial manager
  5. Stakeholders
  6. It’s all about cash flows
  7. Three fundamental decisions in financial management
  8. 1.2 Forms of business organisation
  9. Sole traders
  10. Partnerships
  11. Companies
  12. 1.3 Managing the financial function
  13. Organisation structure
  14. Positions reporting to the CFO
  15. External auditors
  16. The audit committee
  17. 1.4 The goal of the company
  18. What should management maximise?
  19. Why not maximise profits?
  20. Maximise the value of the company’s shares
  21. Can management decisions affect share prices?
  22. 1.5 Agency conflicts: separation of ownership and control
  23. Ownership and control
  24. Agency relationships
  25. Do managers really want to maximise share price?
  26. Aligning the interests of management and shareholders
  27. 1.6 The importance of ethics in business
  28. Business ethics
  29. Are business ethics different from everyday ethics?
  30. Types of ethical conflicts in business
  31. The importance of an ethical business culture
  32. Serious consequences
  33. Concept check
  34. Summary
  35. Key terms
  36. Self-study problems
  37. Critical thinking questions
  38. Questions and problems
  39. Endnotes
  40. Acknowledgements
  41. Chapter 2 The financial environment and the level of interest rates
  42. Chapter preview
  43. 2.1 The financial system
  44. The financial system at work
  45. How funds flow through the financial system
  46. 2.2 Direct financing
  47. A direct financing transaction (without using the market)
  48. Direct financing (using the market)
  49. 2.3 Types of financial markets
  50. Primary and secondary markets
  51. Exchanges and over-the-counter markets
  52. Money and capital markets
  53. Public and private markets
  54. Futures and options markets
  55. 2.4 Financial institutions and indirect financing
  56. Indirect market transactions
  57. Financial institutions and their services
  58. Companies and the financial system
  59. 2.5 The determinants of interest rate levels
  60. The real rate of interest
  61. Loan contracts and inflation
  62. The Fisher equation and inflation
  63. Cyclical and long-term trends in interest rates
  64. Planning ahead by financial managers
  65. Concept check
  66. Summary
  67. Key terms
  68. Summary of key equations
  69. Self-study problems
  70. Critical thinking questions
  71. Questions and problems
  72. Endnotes
  73. Acknowledgements
  74. Part 2 Valuation of future cash flows and risk
  75. Chapter 3 The time value of money
  76. Chapter preview
  77. 3.1 The time value of money
  78. Consuming today or tomorrow?
  79. Time lines as aids to problem solving
  80. The financial calculator
  81. 3.2 Future value and compounding
  82. Single-period investment
  83. Two-period investment
  84. The future value equation
  85. The future value factor
  86. Applying the future value formula
  87. Calculator tips for future value problems
  88. 3.3 Present value and discounting
  89. Single-period investment
  90. Multiple-period investment
  91. The present value equation
  92. Future and present value equations are the same
  93. Applying the present value formula
  94. The relationship between time, the discount rate and present value
  95. Calculator tips for present value problems
  96. Future value versus present value
  97. 3.4 Additional concepts and applications
  98. Finding the interest rate
  99. Finding how many periods it takes an investment to grow to a certain amount
  100. Compound growth rates
  101. Concluding comments
  102. Concept check
  103. Summary
  104. Key terms
  105. Summary of key equations
  106. Self-study problems
  107. Critical thinking questions
  108. Questions and problems
  109. Endnotes
  110. Acknowledgements
  111. Chapter 4 Discounted cash flows and valuation
  112. Chapter preview
  113. 4.1 Multiple cash flows
  114. Future value of multiple cash flows
  115. Present value of multiple cash flows
  116. 4.2 Level cash flows: annuities and perpetuities
  117. Present value of an annuity
  118. Future value of an annuity
  119. 4.3 Perpetuities
  120. Annuities due
  121. 4.4 The effective annual interest rate
  122. Why the confusion?
  123. Calculating the effective annual interest rate
  124. Comparing interest rates
  125. Consumer protection acts and interest rate disclosure
  126. The appropriate interest rate factor
  127. Concept check
  128. Summary
  129. Key terms
  130. Summary of key equations
  131. Self-study problems
  132. Critical thinking questions
  133. Questions and problems
  134. Appendix: Deriving the formula for the present value of an ordinary annuity
  135. Endnotes
  136. Acknowledgements
  137. Chapter 5 Risk and return
  138. Chapter preview
  139. 5.1 Risk and return
  140. 5.2 Quantitative measures of return
  141. Holding period returns
  142. 5.3 Expected returns
  143. 5.4 The variance and standard deviation as measures of risk
  144. Calculating the variance and standard deviation
  145. Interpreting the variance and standard deviation
  146. Historical market performance
  147. 5.5 Risk and diversification
  148. Single-asset portfolios
  149. Portfolios with more than one asset
  150. The limits of diversification
  151. 5.6 Systematic risk
  152. Why systematic risk is all that matters
  153. Measuring systematic risk
  154. Compensation for bearing systematic risk
  155. 5.7 The Capital Asset Pricing Model
  156. The Security Market Line
  157. The Capital Asset Pricing Model and portfolio returns
  158. A word of caution for the CAPM
  159. Concept check
  160. Summary
  161. Key terms
  162. Summary of key equations
  163. Self-study problems
  164. Critical thinking questions
  165. Questions and problems
  166. Endnotes
  167. Acknowledgements
  168. Chapter 6 Bond valuation and the structure of interest rates
  169. Chapter preview
  170. 6.1 Capital market efficiency
  171. Efficient market hypotheses
  172. 6.2 Corporate bonds
  173. Market for corporate bonds
  174. Bond price information
  175. Types of corporate bonds
  176. 6.3 Bond valuation
  177. The bond valuation formula
  178. Calculator tip: bond valuation problems
  179. Par, premium and discount bonds
  180. Semiannual compounding
  181. Zero coupon bonds
  182. 6.4 Bond yields
  183. Yield to maturity
  184. Effective annual yield
  185. Realised yield
  186. 6.5 Interest rate risk
  187. Bond theorems
  188. Bond theorem applications
  189. 6.6 The structure of interest rates
  190. Marketability
  191. Call provision
  192. Default risk
  193. 6.7 The term structure of interest rates
  194. Concept check
  195. Summary
  196. Key terms
  197. Summary of key equations
  198. Self-study problems
  199. Critical thinking questions
  200. Questions and problems
  201. Endnotes
  202. Acknowledgements
  203. Chapter 7 Share valuation
  204. Chapter preview
  205. 7.1 The market for shares
  206. Secondary markets
  207. Secondary markets and their efficiency
  208. Reading the share market listings
  209. 7.2 Ordinary and preference shares
  210. Preference shares: debt or equity?
  211. Ordinary share valuation
  212. A one-period model
  213. A perpetuity model
  214. 7.3 The general dividend valuation model
  215. The growth share pricing paradox
  216. 7.4 Share valuation: some simplifying assumptions
  217. Zero growth dividend model
  218. Constant growth dividend model
  219. Calculating future share prices
  220. The relationship between R and g
  221. Mixed (supernormal) growth dividend model
  222. 7.5 Valuing preference shares
  223. Preference shares with a fixed maturity
  224. Perpetuity preference shares
  225. Concept check
  226. Summary
  227. Key terms
  228. Summary of key equations
  229. Self-study problems
  230. Critical thinking questions
  231. Questions and problems
  232. Endnotes
  233. Acknowledgements
  234. Part 3 Capital budgeting decisions
  235. Chapter 8 The fundamentals of capital budgeting
  236. Chapter preview
  237. 8.1 An introduction to capital budgeting
  238. The importance of capital budgeting
  239. The capital budgeting process
  240. Sources of information
  241. Classification of investment projects
  242. Basic capital budgeting terms
  243. 8.2 Net present value
  244. Valuation of real assets
  245. NPV — the basic concept
  246. NPV and value creation
  247. Framework for calculating NPV
  248. Net present value technique
  249. Concluding comments on NPV
  250. 8.3 The payback period
  251. Calculating the payback period
  252. How the payback period performs
  253. Discounted payback period
  254. Evaluating the payback rule
  255. 8.4 The accounting rate of return
  256. 8.5 Internal rate of return
  257. Calculating the IRR
  258. When the IRR and NPV methods agree — independent projects and conventional cash flows
  259. When the IRR and NPV methods disagree — mutually exclusive projects and unconventional cash flows
  260. Modified internal rate of return (MIRR)
  261. IRR versus NPV: a final comment
  262. 8.6 Capital budgeting in practice
  263. Practitioners’ methods of choice
  264. Ongoing and postaudit reviews
  265. Concept check
  266. Summary
  267. Key terms
  268. Summary of key equations
  269. Self-study problems
  270. Critical thinking questions
  271. Questions and problems
  272. Appendix: An example using a financial calculator for capital budgeting calculations
  273. Endnotes
  274. Acknowledgements
  275. Chapter 9 Cash flows and capital budgeting
  276. Chapter preview
  277. 9.1 Calculating project cash flows
  278. Cash flow versus accounting earnings
  279. Incremental after-tax free cash flows
  280. The FCF calculation
  281. Cash flows from operations
  282. Cash flows associated with investments
  283. The FCF calculation: an example
  284. 9.2 Estimating cash flows in practice
  285. Five general rules for incremental after-tax free cash flow calculations
  286. Nominal versus real cash flows
  287. Tax rates and depreciation
  288. Calculating the terminal-year FCF
  289. Expected cash flows
  290. 9.3 Projects with different lives
  291. 9.4 When to harvest an asset
  292. When to replace an existing asset
  293. The cost of using an existing asset
  294. Concept check
  295. Summary
  296. Key terms
  297. Summary of key equations
  298. Self-study problems
  299. Critical thinking questions
  300. Questions and problems
  301. Endnotes
  302. Acknowledgements
  303. Chapter 10 Evaluating project economics and capital rationing
  304. Chapter preview
  305. 10.1 Variable costs, fixed costs and project risk
  306. Cost structure and sensitivity of EBITDA to revenue changes
  307. Cost structure and sensitivity of EBIT to revenue changes
  308. 10.2 Calculating operating leverage
  309. Degree of pre-tax cash flow operating leverage
  310. Degree of accounting operating leverage
  311. 10.3 Break-even analysis
  312. Pre-tax operating cash flow break-even
  313. Accounting break-even
  314. 10.4 Risk analysis
  315. Sensitivity analysis
  316. Scenario analysis
  317. Simulation analysis
  318. Decision tree analysis
  319. 10.5 Investment decisions with capital rationing
  320. Capital rationing in a single period
  321. Capital rationing across multiple periods
  322. Concept check
  323. Summary
  324. Key terms
  325. Summary of key equations
  326. Self-study problems
  327. Critical thinking questions
  328. Questions and problems
  329. Endnotes
  330. Acknowledgements
  331. Chapter 11 The cost of capital
  332. Chapter preview
  333. 11.1 The company’s overall cost of capital
  334. The finance balance sheet
  335. How companies estimate their cost of capital
  336. 11.2 The cost of debt
  337. Key concepts for estimating the cost of debt
  338. Estimating the current cost of a bond or an outstanding loan
  339. Tax and the cost of debt
  340. Estimating the cost of debt for a company
  341. 11.3 The cost of equity
  342. Ordinary shares
  343. Preference shares
  344. 11.4 Using the WACC in practice
  345. Calculating WACC: an example
  346. Limitations of WACC as a discount rate for evaluating projects
  347. Alternatives to using WACC for evaluating projects
  348. Consistency of the WACC and Dividend Discount Models
  349. Concept check
  350. Summary
  351. Key terms
  352. Summary of key equations
  353. Self-study problems
  354. Critical thinking questions
  355. Questions and problems
  356. Sample test problems
  357. Endnotes
  358. Acknowledgements
  359. Part 4 Working capital management and financing decisions
  360. Chapter 12 Working capital management
  361. Chapter preview
  362. 12.1 Working capital basics
  363. Working capital terms and concepts
  364. Working capital accounts and trade-offs
  365. 12.2 The operating and cash conversion cycles
  366. Operating cycle
  367. Cash conversion cycle
  368. 12.3 Working capital management strategies
  369. Flexible current asset management strategy
  370. Restrictive current asset management strategy
  371. The working capital trade-off
  372. 12.4 Accounts receivable
  373. Terms of sale
  374. Ageing accounts receivable
  375. 12.5 Inventory management
  376. Economic order quantity
  377. Just-in-time inventory management
  378. 12.6 Cash management and budgeting
  379. Reasons for holding cash
  380. Cash collection
  381. 12.7 Financing working capital
  382. Strategies for financing working capital
  383. Financing working capital in practice
  384. Sources of short-term financing
  385. Concept check
  386. Summary
  387. Key terms
  388. Summary of key equations
  389. Self-study problems
  390. Critical thinking questions
  391. Questions and problems
  392. Endnotes
  393. Acknowledgements
  394. Chapter 13 How companies raise capital
  395. Chapter preview
  396. 13.1 Bootstrapping
  397. How new businesses get started
  398. Initial funding of the company
  399. 13.2 Venture capital
  400. The venture capital industry
  401. Why venture capital funding is different
  402. The venture capital funding cycle
  403. The cost of venture capital funding
  404. 13.3 Initial public offering
  405. Advantages and disadvantages of going public
  406. Investment banking services
  407. Origination
  408. Underwriting
  409. The proceeds
  410. 13.4 IPO pricing and cost
  411. The underpricing debate
  412. IPOs are consistently underpriced
  413. The cost of an IPO
  414. 13.5 Open offers by a public company
  415. The cost of an open public offer
  416. 13.6 Private markets and bank loans
  417. Private versus public markets
  418. Private placements
  419. Private equity companies
  420. 13.7 Commercial bank lending
  421. Business overdraft
  422. Bank term loans
  423. The loan pricing model
  424. Concluding comments on funding the company
  425. Concept check
  426. Summary
  427. Key terms
  428. Summary of key equation
  429. Self-study problems
  430. Critical thinking questions
  431. Questions and problems
  432. Endnotes
  433. Acknowledgements
  434. Chapter 14 Capital structure policy
  435. Chapter preview
  436. 14.1 Capital structure and company value
  437. The optimal capital structure
  438. The Modigliani and Miller propositions
  439. 14.2 The benefits and costs of using debt
  440. The benefits of debt
  441. The costs of debt
  442. 14.3 Two theories of capital structure
  443. The trade-off theory
  444. The pecking order theory
  445. The empirical evidence
  446. 14.4 Practical considerations in choosing a capital structure
  447. Concept check
  448. Summary
  449. Key terms
  450. Summary of key equations
  451. Self-study problems
  452. Critical thinking questions
  453. Questions and problems
  454. Endnotes
  455. Acknowledgements
  456. Chapter 15 Dividends and dividend policy
  457. Chapter preview
  458. 15.1 Dividends
  459. Types of dividends
  460. Dividends and taxation
  461. The dividend payment process
  462. 15.2 Share buy-backs
  463. How share buy-backs differ from dividends
  464. How a share buy-back happens
  465. 15.3 Dividend policy and company value
  466. Benefits and costs of dividends
  467. Share price reactions to dividend announcements
  468. Dividends versus share buy-backs
  469. 15.4 Bonus share issues and share splits
  470. Bonus share issues
  471. Share splits
  472. Reasons for bonus share issues and splits
  473. 15.5 Setting a dividend policy
  474. What managers tell us
  475. Practical considerations in setting a dividend policy
  476. Concept check
  477. Summary
  478. Key terms
  479. Self-study problems
  480. Critical thinking questions
  481. Questions and problems
  482. Endnotes
  483. Acknowledgements
  484. Part 5 Business formation, valuation and financial planning
  485. Chapter 16 Business formation, growth and valuation
  486. Chapter preview
  487. 16.1 Starting a business
  488. Making the decision to proceed
  489. Choosing the right organisational form
  490. Financial considerations
  491. 16.2 The role of the business plan
  492. Why business plans are important
  493. The key elements of a business plan
  494. 16.3 Valuing a business
  495. Fundamental business valuation principles
  496. Business valuation approaches
  497. 16.4 Important issues in valuation
  498. Public versus private companies
  499. Young (rapidly growing) versus mature companies
  500. Controlling interest versus non-controlling interest
  501. Key people
  502. Concept check
  503. Summary
  504. Key terms
  505. Summary of key equations
  506. Self-study problems
  507. Critical thinking questions
  508. Questions and problems
  509. Endnotes
  510. Acknowledgements
  511. Chapter 17 Strategic financial planning and forecasting
  512. Chapter preview
  513. 17.1 Financial planning
  514. The planning documents
  515. Concluding comments
  516. 17.2 Financial planning models
  517. The sales forecast
  518. Building a financial planning model
  519. A simple planning model
  520. 17.3 A better financial planning model
  521. Blackwell Sales Ltd
  522. The income statement
  523. The balance sheet
  524. The preliminary pro forma balance sheet
  525. The final pro forma balance sheet
  526. 17.4 Beyond the basic planning models
  527. Improving financial planning models
  528. 17.5 Managing and financing growth
  529. External funding needed
  530. A graphical view of growth
  531. The internal growth rate
  532. The sustainable growth rate
  533. Growth rates and profits
  534. Growth as a planning goal
  535. Concept check
  536. Summary
  537. Key terms
  538. Summary of key equations
  539. Self-study problems
  540. Critical thinking questions
  541. Questions and problems
  542. Endnotes
  543. Acknowledgements
  544. Part 6 Options and corporate finance and international decisions
  545. Chapter 18 Options and corporate finance
  546. Chapter preview
  547. 18.1 Financial options
  548. Call options
  549. Put options
  550. American, European and Bermudan options
  551. More on the shapes of option pay-off functions
  552. 18.2 Option valuation
  553. Limits on option values
  554. Variables that affect option values
  555. The binomial option pricing model
  556. Put-call parity
  557. Valuing options associated with financial securities issued by companies
  558. 18.3 Real options
  559. Options to defer investment
  560. Options to make follow-on investments
  561. Options to change operations
  562. Options to abandon projects
  563. 18.4 Agency costs
  564. Agency costs of debt
  565. Agency costs of equity
  566. 18.5 Options and risk management
  567. Concept check
  568. Summary
  569. Key terms
  570. Summary of key equations
  571. Self-study problems
  572. Critical thinking questions
  573. Questions and problems
  574. Endnotes
  575. Acknowledgements
  576. Chapter 19 International financial management
  577. Chapter preview
  578. 19.1 Introduction to international financial management
  579. Globalisation of the world economy
  580. The rise of multinational companies
  581. Factors affecting international financial management
  582. Goals of international financial management
  583. Basic principles remain the same
  584. 19.2 Foreign exchange markets
  585. Market structure and major participants
  586. Foreign exchange rates
  587. The equilibrium exchange rate
  588. Foreign currency quotations
  589. 19.3 International capital budgeting
  590. Determining cash flows
  591. Exchange rate risk
  592. Country risk
  593. The Barcelona example
  594. 19.4 Global money and capital markets
  595. The emergence of the Euromarkets
  596. The Eurocurrency market
  597. The Eurocredit market
  598. International bond markets
  599. 19.5 International banking
  600. Risks involved in international bank lending
  601. Eurocredit bank loans
  602. Concept check
  603. Summary
  604. Key terms
  605. Summary of key equations
  606. Self-study problems
  607. Critical thinking questions
  608. Questions and problems
  609. Endnotes
  610. Acknowledgements
  611. Appendix A Present value and future value tables
  612. Appendix B Solutions to self-study problems
  613. Chapter 1
  614. Chapter 2
  615. Chapter 3
  616. Chapter 4
  617. Chapter 5
  618. Chapter 6
  619. Chapter 7
  620. Chapter 8
  621. Chapter 9
  622. Chapter 10
  623. Chapter 11
  624. Chapter 12
  625. Chapter 13
  626. Chapter 14
  627. Chapter 15
  628. Chapter 16
  629. Chapter 17
  630. Chapter 18
  631. Chapter 19
  632. EULA

 

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